Radisens Diagnostics, based in Bishopstown, makes a portable diagnostic kit which allows doctors to quickly diagnose a range of complaints.
Venture capital firm Kernel Capital, through the Bank of Ireland MedTech Accelerator fund, has made a €500,000 investment in Radisens, while the total round of €1.1m also comprises of private investment sourced by the firm and the remainder will come from Enterprise Ireland.
Managing partner with Kernel Capital, Niall Olden, said: “Radisens is another example of an excellent life science start-up. Led by Jerry O’Brien, the company has strong intellectual property with many worldwide patents pending.
“The company has established significant commercial relationships and anticipates first commercial revenues within 12 months.”
Radisen’s said that using a finger prick of blood, multiple infectious diseases, cancers, cardiac markers and viruses can be diagnosed within minutes using a single instrument.
The company claims its technology has the potential to decentralise clinical blood testing into point-of-care settings, such as GP clinics, outpatients departments, emergency rooms and small-to medium-sized hospital labs.
Chief executive of Radisens Diagnostics, Jerry O’Brien, said: “Attracting a high-calibre investor such as Kernel Capital at this early stage in Radisens’ development significantly endorses our unique value proposition, in what is an $8 billion (€5.66bn) market segment.
“Radisens’ innovative convergence of medical diagnostics and consumer electronics fields will transform this sector, uniquely addressing clear unmet clinical and commercial needs,” he said.
Head of high potential start-ups at Enterprise Ireland, Greg Treston, said the priority at Enterprise Ireland is to grow a “strong base of innovative indigenous companies” with the products and services and business development strategies capable of winning new export markets and growing jobs in Ireland.
Kernel Capital and its associate life science investment firm Seroba Kernel have more than €196m under management in six venture capital funds.
The Bank of Ireland Seed and Early Stage Equity Fund is a €32m fund that invests in start-up and early stage companies, with a focus on export-orientated high potential start-up companies that operate in the technology, food and financial services sectors, in addition to supporting patent and patent pending projects within Irish universities.